Treasury is taking comments until October 19 on who can issue and sell stablecoins in the US. Issuers need a license by January 18, 2027. Service providers may offer and sell licensed coins by July 18, 2028. Jones Day says final rules will not pull that date forward. Issuers already cannot pay interest. Banks are still fighting affiliate and exchange rewards that look like yield. That dispute is in the Clarity bill. Cloture is September 15 at 2:15 p.m. ET, a 60-vote test, not final passage.
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Jones Day says final rules are not expected early enough to pull the January 18, 2027 effective date forward. Payment stablecoin issuers would use a federal path or a substantially similar state path. Digital asset service provider is defined broadly for U.S.-facing exchange, custody, and transfer.
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The memo defines issue, issuer, and located in the United States. It sets out three Section 3 prohibitions: issuance; 2028 offer and sale by a digital asset service provider; and a foreign issuer making coins available. Comments are due October 19.
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GENIUS already bars issuer-paid interest. Banks are still fighting affiliate and exchange rewards that look like yield. That dispute sits in the Clarity bill, not in the Treasury comment docket.
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The OCC proposed a rebuttable presumption on affiliate yield. Clarity cloture is September 15. States are standing up substantially similar regimes. If the Senate misses that vote, the agencies keep writing rules anyway.
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The same week Treasury is taking comments, r/defi is still posting lists of stablecoin-only farms. The statute closed issuer yield. The industry is still arguing over workarounds. This is not a price call.